In Canada, permanent residency refers to an immigration status or designation, where you live in the country and are considered a “permanent resident” but are still officially a citizen of different country
Becoming a permanent resident is possible for people from all walks of life, including business people.
In fact, there are three ways to apply for permanent residency as a business person, each with its own set of guidelines to follow.
As an Investor One way that a business person from another country can apply for permanent residency is as an investor. Some of the rules for this designation include:
• Having a minimum net worth of $800,000 in Canadian dollars. This wealth must be legally obtained, and it can include gifts, inheritances or a spouse’s assets.
• Making a $400,000 CAD investment into a Canadian government fund.
• Providing documentation that proves you have owned and managed a business, as per Citizenship and Immigration Canada guidelines. It is possible to borrow the $400,000 to make the government fund investment if your credit history is satisfactory and you meet any requirements set forth by the financial institution. The investment is reimbursed after a mandatory five-year time frame has passed, at which time you could pay it back. As an Entrepreneur The criteria for applying for permanent residency as an entrepreneur, includes:
• Having a Canadian dollar net worth of at least $300,000. This must be obtained by legal means and can include your spouse’s assets, inheritances and gifts.
• Having at least two years’ experience managing a profitable business, as per Citizenship and Immigration Canada. This must have occurred within the past five years, and you must have owned at least one-quarter of the business.
• Having the intention of owning and managing a Canadian business that will create jobs for Canadian citizens other than you and your dependents. This must happen for at least one year during the first three years in Canada.
As a Self-Employed Person Sometimes, entrepreneur and self-employed get confused but they are two separate entities when it comes to obtaining permanent resident status in Canada. To apply as a self-employed person, you must:
• Have relevant self-employment experience in specific areas for two of the past five years. Generally, these areas include athletics, culture or farm management.
If you have participated in cultural or athletic activities at a world-class level for two or more years out of the past five, the experience rules don’t apply.
There is also no minimum net worth involved as part of the self-employment designation, but you must show that you have enough money to support yourself and your family while in the country.
The most convenient and effective way to make a smooth transition is to team up with a Canadian immigration service, so you will be guided in the right direction using their experience.
Jeffrey Wallace is a lawyer and an ardent social worker. He is very enthusiastic about knowing more on the latest developments in the field of education. He is a regular blogger and his blogs are mainly about law and education. You can follow him on twitter @Jeffrey